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RCMP and White Collar Crime

Everyone knows of the RCMP - they get their man.

However, lately in Canada, they have not been getting their white collar criminal man.

Is that changing?

The CBC reports in connection with the Norbourg securities fraud:

"The RCMP have arrested six people in connection with the massive Norbourg securities scandal, including former CEO Vincent Lacroix, who is already serving jail time for related fraud.

The five other suspects arrested Wednesday morning were: Félicien Souka, 37; Serge Beugré, 43; Jean Cholette, 45; Rémi Deschambault, 57; and Jean Renaud, 40, a high-level bureaucrat in Quebec's Finance Department.

The six men face a total of 922 criminal charges, including conspiracy to commit fraud, conspiracy to fabricate false documents, fabricating false documents, fraud and money laundering."

Well that sounds good - only 5 years after the fact.

The RCMP have also looked at the Nortel scandal, again some 5 years after the fact, and concluded allege that

"Dunn, Beatty and Gollogly fraudulently misstated the financial results of Nortel," "made false entries and omitted materials particular in the books and documents in regards to the financial results of Nortel" for fiscal 2002 and the first two quarters of 2003.

As well, the trio is accused of circulating these materials "with the intent to deceive or defraud the members, shareholders or creditors of Nortel Networks Corporation."

In a statement, Nortel said the three executives were fired in 2004, and the company is not the target of this investigation."

What is wrong with our system that it takes 5 - 6 years to charge people for white collar economic fraud?

Why the US bring these type of charges within months of a debacle?

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• 3 Accused of Accounting Fraud at Nortel [via Zemanta]
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Full post as published by Misleading Advertising Law on June 20, 2008 (boomark / email).